Periodic Inventory by Three Methods

The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:

Date		Transaction	Number of Units		Per Unit		Total
Apr. 3		Inventory	25		$1,200		$30,000
8		Purchase	75		1,240		93,000
11		Sale	40		2,000		80,000
30		Sale	30		2,000		60,000
May 8		Purchase	60		1,260		75,600
10		Sale	50		2,000		100,000
19		Sale	20		2,000		40,000
28		Purchase	80		1,260		100,800
June 5		Sale	40		2,250		90,000
16		Sale	25		2,250		56,250
21		Purchase	35		1,264		44,240
28		Sale	44		2,250		99,000

Required:

1. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.

Inventory, June 30	$ fill in the blank
Cost of goods sold	$ fill in the blank

2. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.

Inventory, June 30	$ fill in the blank
Cost of goods sold	$ fill in the blank

3. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system.

Note: Round the weighted average unit cost to the nearest dollar and final answers to the nearest dollar.

Inventory, June 30	$ fill in the blank
Cost of goods sold	$ fill in the blank

4. Compare the gross profit and June 30 inventories using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

	FIFO	LIFO	Weighted Average
Sales	$ fill in the blank	$ fill in the blank	$ fill in the blank
Cost of goods sold	fill in the blank	fill in the blank	fill in the blank
Gross profit	$ fill in the blank	$ fill in the blank	$ fill in the blank
Inventory, June 30	$ fill in the blank	$ fill in the blank	$ fill in the blank